S&P Global Ratings has affirmed
IDBI Bank's ‘BB’ long-term and ‘B’ short-term foreign currency issuer credit ratings with a Negative outlook. It has also affirmed the ‘BB’ program rating on the senior unsecured notes under its MTN program. S&P has revised upward their assessment of IDBI Bank's stand-alone credit profile (SACP) to ‘b+’ from ‘b-’.
“At the same time, S&P has lowered their assessment of the likelihood of extraordinary government support to high from very high, in view of likely divestment by Govt. of India, as per budgetary announcement.
However, as the MTN Bonds rated by S&P were fully repaid on November 30, 2020, the Bank had terminated the rating engagements/ agreement with S&P for various issues made under the MTN Bond Programme on May 21, 2021,” company said.
The company also informed that Shalil M. Awale, Executive Director (In-situ) is appointed as the Chief Compliance Officer of IDBI Bank with effect from June 01, 2021 in place of P Sitaram, ED & CCO, as approved by Board and informed to RBI. Shall M. Awale has over 24 years' experience in different capacities in IDBI Bank, company said.
At around 2.10 pm, IDBI Bank Ltd was trading flat at Rs38.60 per piece on the BSE.